BankTrans - Direct Debit Generation

Cashflow is the lifeblood of any business. It is important that funds are received as quickly as possible following invoicing. One method of enhancing cashflow is to raise direct debit transactions on your customers' bank accounts to obtain payment.

O ur easy to use system called BankTrans will generate a formatted EMTS file for upload to any Irish bank. You can enter your transactions directly or import the values from an external source (such as your accounts system).  Our customers describe BankTrans as the easiest to use system available.

You can review and amend the amount to be debited before the EMTS file is created. You have full administration control over customer bank account numbers, etc. Files can be generated and submitted up to 30 days prior to the scheduled payment date. Reports are available detailing transactions per customer over any specified period.

 

Direct debiting can also enhance your customers' internal procedures and save them money by eliminating their need to print/write cheques and avoiding stamp duties, bank fees and postal charges.

T he steps to get set up for generating direct debits are:

  1. Apply to your bank's business banking department to be set up as a Direct Debit Originator (you will require your branch's backing for this application)
  2. When you are approved you will be issued with an OIN (Originator Identification Number).  You will require yourbank's business banking system to upload the EMTS file you create  (AIB - IBB,    Bank Of Ireland - Business On Line,    Ulster Bank - Bankline)
  3. We will set up BankTrans for you to generate test files for submission to your bank.
  4. Get your customers to sign a Direct Debit Mandate form authorising you to raise debits on their accounts (your bank will provide you with sample mandate forms).
  5. As your mandate forms are returned to you, enter their details on BankTrans  and send the mandate forms to your bank.  These must be verified before you can debit your customers.
  6. After two weeks you can generate live files and submit them for processing. 

T he cost of BankTrans  is €195 plus VAT per annum.  A setup charge of €95 plus VAT applies.

Please phone us at 021-4979817 or contact us by e-mail for additional information or to arrange an on-line demonstration.

Further information on Direct Debits is available on the IPSO website.

There is a slow but significant move in Ireland away from cheques and towards electronic payments.  In 2009 the volume of cheques processed in Ireland reduced by 13%, bringing the cumulative reduction to 23% over the last 4 years.  The total value of electronic transactions now represents 30% of all non-cash transactions (compared to an EU average of 96%). Source: IPSO.

 

For Clubs / Businesses With Regular Payments

We also have a facility for clubs or organisations who wish to obtain payments from their members on a regular baisis.

We have developed a system which will store member's details and create a direct debit payment file on a monthly basis. This file is then uploaded to your bank. If a customer's payment is unpaid the details of the rejected transaction will appear on your bank statement. You can then flag to add the value of the unpaid item to the following month's transaction (if you so wish).

If your bank accepts "multi-day transactions" then we can generate one file at the start of the month with various payment dates spread throughout the month, providing greater flexibility for your customers.

Direct Debits offer two significant advantages over standing orders

  • You can easily identify payments have been unpaid by viewing the returned debits on your bank statement (unpaid standing orders are not advised anywhere to the receiving organisation) .
  • Changing the membership fee is easy to implement by changing the direct debit amount.  Changes to standing orders involves requesting all members to contact their respective banks to amend their standing orders .

Please phone us at 021-4979817 or contact us by e-mail for further details or to arrange a no commitment, on-line demonstration.